The demise of few companies has so accurately depicted the changing environment caused by the rise of computers, the internet and smartphones as the bankruptcy of the Eastman-Kodak Company ("Kodak"). As a worldwide leader in photography for several decades and...
Month: June 2014
Professional Held Liable for Spoliation in Corporate Dissolution Dispute
Certain professions such as physicians, can under New Mexico law and the law of many other states form professional corporations to operate their the business which governs their professional affairs. In the case of Aduz Healthcare Services, PC, it was determined, by...
Bankruptcy Mediation Spurs Board Resignations
In a recent blog post, it was reported that LightSquared, Inc., a company undergoing reorganization under Chapter 11, was ordered by the bankruptcy judge presiding in the case to return to mediation. Now it appears that the head of the company, Philip Falcone and four...
City of Detroit Reaches Agreement with Certain Group of Insurers for Municipal Bondholders
After resolving many other aspects of Detroit's chapter 9 bankruptcy case, mediators addressing the disposition of claims from certain debt holders set the path for a trial in which the bankruptcy judge will assess the fairness of the negotiated plan. Last week both...
Civil Rights Group Expands Suit against State Concerning Education
A couple of months ago it was reported on this blog that two different groups had sued New Mexico’s Public Education Department for violations of the State Constitution of New Mexico. Article XII, Section 1 of the New Mexico State Constitution reads, “A uniform system...
Bankruptcy Judge Shows Reach of Automatic Stay
One of the prominent features of federal bankruptcy procedure is the automatic stay of all lawsuits or civil actions against the debtor. When a person or company files for bankruptcy protection, whether it be a Chapter 7 liquidation, a Chapter 13 individual bankruptcy...
Class Action Filed Against Blue Cross and Blue Shield of New Mexico’s Parent Corporation
A case filed today against the nonprofit parent company of Blue Cross and Blue Shield of New Mexico raises the question of whether the company breached its duties to the members of the non-profit institution. A class action lawsuit on behalf of the members of the...
US Forest Service and Sandia Pueblo Reaches Land Deal
After a decade of negotiations and the passage of legislation to approve the deal, Sandia Pueblo and the US Forest Service will implement a land swap which will protect some of the lands in perpetuity so that certain tribal residents can use the land for religious...
Further Mediation Required in Light Squared’s Chapter 11 Bankruptcy Case
U.S. Bankruptcy Judge Shelley Chapman ordered the parties in the Chapter 11 bankruptcy action concerning LightSquared, Inc. back to mediation after earlier this month rejecting the proposed plan for the company to exit bankruptcy. LightSquared is a wireless-spectrum...
Horse Trading That May be Non-Dischargeable under Chapter 7
For a Chapter 7 bankruptcy debtor, multiple horse trades and a subsequent filing of a bankruptcy petition may not be enough to avoid having to reimburse a dissatisfied rodeo roper. Mr. Raymond Siggins sold a horse named "IV" to Benjamin Bates who intended to ride IV...
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